Financial institutions are placing a strong emphasis on technological advancement in the financial world. To address concerns regarding security in adopting blockchain, leading technology firm Quant has introduced Overledger Authorise, a cutting-edge solution designed specifically for banks and institutions to bolster the security of their blockchain transactions.
Traditional financial institutions have traditionally relied on key management solutions to protect their data, applications, and transactions. However, the emergence of blockchain technology and digital assets has brought forth new obstacles. The existing key management systems did not originally possess the necessary security measures and compliance protocols in this evolving landscape.
Many enterprises have resorted to insecure methods due to this outcome. For instance, some have started storing blockchain keys on employee laptops for authorizing digital asset transactions. Unfortunately, this exposes them to potential risks such as data breaches and theft.
Overledger Authorise serves as a bridge between traditional key management systems and blockchain technology. When a business application or workflow initiates a transaction, Authorise efficiently handles the authentication, authorization, and verification processes through existing key management systems. It ensures that transactions are securely delivered to the intended blockchain.
The validation for Overledger Authorise emerged from the successful stress test conducted in Project Rosalind, overseen by both the Bank of England and the Bank for International Settlements. This comprehensive test involved numerous banks, institutions, and industry participants, solidifying the efficacy of this solution.
Gilbert Verdian’s Perspective On Overledger Authorise
Gilbert Verdian, the Founder and CEO of Quant, firmly believes that Overledger Authorise signifies a remarkable advancement in blockchain technology within the financial sector. He emphasizes the utmost importance of robust cryptographic key management and transaction authorization solutions as pivotal factors for unlocking the immense potential of blockchain in banking.
In the dynamic world of finance, Overledger Authorise presents a vital solution for institutions seeking to harness blockchain’s potential while prioritizing top-tier security and compliance. Quant’s innovative technology positions them at the forefront of financial technology’s future narrative.
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“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
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